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The Key Spring Budget Announcements For Businesses

Rhino Trade Insurance 07 April 2024

Strap in because we're about to decode the 2024 Spring Budget, and trust us, it's packed with things that could shape your small business. From National Insurance tweaks to VAT threshold changes and the lowdown on fuel duties, we've got you covered. Let's dive into the nitty-gritty and unravel the bits that might impact your life as a savvy tradesperson after March's announcement.

National Insurance Changes: What's the Deal?

First things first, let's talk about National Insurance (NI). The government has decided to shake things up a bit, aiming to strike a balance between supporting businesses and maintaining fiscal responsibility. From April 2024, National Insurance will reduce for everyone, seeing the self-employed paying 6% instead of 9%. This is after a 2p reduction added together with a 1p reduction in autumn means the average worker on £35,000 will see an overall £900/year saving. 

As a sole trader, you might notice a bit more jingle in your pocket as the limit changes. For businesses, it could mean a slight reduction in NI contributions, freeing up some funds that can be better utilised elsewhere.

But hey, it's not all sunshine and rainbows. As with any budget, there's a flip side. Everyone benefiting from a small tax-cut may see a kicker down the line - this is due to the fact National Insurance contributes to your state pension among other things. 

VAT Threshold Changes: A Welcome Change for Small Businesses

Now, let's shift our focus to the ever-puzzling world of Value Added Tax (VAT). The VAT threshold, that magical revenue figure beyond which businesses are required to register for VAT, is seeing a change.

In a move that could benefit small businesses, the VAT threshold is set to increase from £85,000 to £90,000. This means you can earn more moolah before needing to navigate the intricate realms of VAT registration. For many small trades businesses, this might mean less administrative hassle and more time to focus on what you do best - your trade.

The government hopes this adjustment will be a game-changer for budding entrepreneurs and tradespeople, giving them the flexibility to grow their businesses without drowning in paperwork. So, breathe easy as you take a step closer to reaching that threshold without the looming VAT cloud hanging over your head!

Fuel Duty Freeze: Keeping Our Vans Going

Alright, Top Gear fans and petrolheads, this one's for you - the fuel-duty freeze. If you've ever winced at the rising cost of filling up your trusty work van, get ready to do a little happy dance. The government has decided to keep fuel duty frozen for yet another year, providing some much-needed relief for those of you who practically live on the road.

For the average tradesperson, this is a small but significant win. It means your hard-earned cash can stay where it belongs - in your pocket. With fuel costs remaining stable, you can maintain your competitive edge without constantly adjusting your pricing strategy to accommodate fluctuating petrol prices. With an election on the horizon and the government throwing their support behind motorists, the fuel duty freeze is the government's way of saying, "Keep those wheels turning!"

Child Benefits Threshold Changes: A Boost for Growing Families

For those of you balancing the demands of the trades with the joys of family life, the changes to the child benefits threshold are worth noting. The income threshold for eligibility to receive child benefits is set to increase from £50,000 to £60,000, meaning more families will qualify for this financial support.

As a tradesperson, the rising cost of living can often hit close to home. With this adjustment, the government aims to alleviate some of the financial pressure on growing families. If you have budding little apprentices, this could be a welcome relief.

Remember, these changes are designed to help you provide the best for your family while pursuing your passion in the trades - It's a win-win!

Inflation Turning a Corner? Good News on the Horizon

Let's talk about the giant elephant in the room - inflation. The budget provides a glimmer of hope for all of us feeling the pinch of rising prices. The government has laid out plans to tackle inflation and continue to bring it back down to more manageable levels.

For tradespeople, this could mean a slowdown in the relentless march of increasing costs for materials and services. As inflation eases, your purchasing power could see a boost, giving you the ability to make strategic decisions for your business without constantly battling against the rising tide.

The government is committed to creating a stable economic environment, and if their plans (along with the Office for Budget and Responsibility forecasts) come to fruition, it could mean smoother sailing for small businesses like yours by the end of the year. So, keep an eye on the economic horizon - a calmer sea might be on the way (especially after the US and UK elections).

What The Future Holds For Your Trades Business

In the grand scheme of things, the 2024 Spring Budget is like a roadmap for tradespeople in the UK. It's got twists, turns, and a few surprises, but armed with the right knowledge, you can navigate it like a pro. From National Insurance adjustments to VAT threshold boosts, a fuel duty freeze, child benefits threshold changes, and the promise of taming inflation, there's a lot to digest.

As you continue to hone your craft and build your business, staying informed about these budget changes is key. It's not just about balancing the books; it's about positioning yourself to thrive in an ever-evolving economic landscape.

And with all this said, don't forget to invest in the best possible trade insurance for your business. The team at Rhino Trade Insurance work extremely hard to keep costs low and are available six-days a week to handle your quotes and policies. Get more information today - 0116 243 7904

About The Author Phil McCormick

Experienced in brand marketing and content. Most of that lovely communication you see online will be from Phil. social media, emails, videos, how to make a bacon sarny? You get the gist!

Trade most identified with: Electrician - It’s our Phil’s job to map out all our communications and make sure the signal works! Also, he’s one of the cockiest blighters in the team so electrician fits perfectly!

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